I have it password protected and touch ID. So If I lose my phone or it gets stolen and assuming the person who gets a hold of it can't get into my phone is my understanding correct? I just buy new phone, install the app and punch in my seed I will have my original wallet back with all my WAVE coinage? That's what I would like to know!!
Yes, you are right. If we do not consider whether the person who have your phone is trying to steal your waves, you are able to access your waves wallet using your seed.
Additional information: You are able to access the waves web wallet using the same set of seed as well. In the case where you are afraid the person who have your phone is trying to steal your waves, you can quickly access the web wallet and transfer your waves to another waves address.